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    510 Summit Ave Jersey City, NJ 07306

    Sponsored
    For Sale
    Contact for pricing

    Historic building, prime location, 6,800 SF

    Property size:
    6,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 6,800 square foot retail property, located at 510 Summit Avenue in Jersey City, New Jersey, presents a unique investment opportunity. Situated in the heart of the Journal Square Redevelopment area, this landmark building, constructed in 1690, boasts a rich history and prime visibility. The property is currently configured as a restaurant space and includes a valuable liquor license. An expansive 3,000 square foot outdoor patio area is also available, perfect for al fresco dining or additional retail space. Benefitting from exceptionally high foot traffic, both day and night, this location enjoys unparalleled accessibility, being directly across from the Journal Square PATH station. Recent renovations have modernized the space, ensuring a move-in ready condition. The property's strategic location is further enhanced by its proximity to a newly constructed 300,000 square foot office building and 3,000 residential units, guaranteeing a robust and diverse customer base. This is a rare chance to acquire a fully operational restaurant space with a liquor license in a rapidly developing and highly desirable area of Jersey City. The zip code is 07306.

    Property Features for 510 Summit Ave

    General Information

    Property type
    Lifestyle centers
    Square Feet
    6,800 SF

    Building Details

    Year Built
    1690
    Units
    3000

    HighLights

    • 6,800 SF restaurant space with liquor license, available immediately.
    • Prime retail location in the heart of Jersey City's Journal Square Redevelopment area.
    • Historic landmark building (1690).
    • 3,000 SF outdoor patio.
    • Directly across from Journal Square PATH station.
    • High foot traffic, day and night.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Jersey City
    County
    Hudson
    State
    New Jersey
    Longitude
    -74.0602592
    Latitude
    40.7312522

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    FAQs

    What type of property is this?
    Lifestyle center - Historic building, prime location, 6,800 SF
    Where is this lifestyle center located?
    The property is located at 510 Summit Ave Jersey City, NJ.
    What are key features of this property?
    This property features: 6,800 SF restaurant space with liquor license, available immediately.; Prime retail location in the heart of Jersey City's Journal Square Redevelopment area.; Historic landmark building (1690).
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    510 Summit Ave Jersey City, NJ 07306
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